According to ISPR, a serving Corps Commander has been nominated to head the inquiry along with two Major Generals as members. It further said that appropriate action would be taken against the culprits on completion of the court of inquiry, as per relevant Army rules and regulations.
The move comes after thorough scrutiny by the Public Accounts Committee (PAC) into the audit reports related to NLC, which falls under the control of Planning Commission. The PAC in its observations had sought departmental inquiry into the alleged irregularities.
Name of the Corps Commander nominated to head the inquiry was not immediately available. However, TheNation has reliably learnt that either Corps Commander Rawalpindi or Corps Commander Karachi would most likely head the inquiry that is going to take long time to reach the logical conclusions.
According to the informed sources, NLC was currently bearing an additional cost of Rs2.7 million daily on account of interest on accumulated loan to the tune of Rs4.739 billion
In October last year the PAC was informed by the Planning Commission officials about Rs4 billion faulty investment made by the top bosses of National Logistics Cell (NLC) in complete violation of government rules.
Five ex-employees of the NLC including three former military generals and two civil servants have been held responsible for the loss of money during 2004-2008 as consequence of the initial inquiry conducted by the Planning Commission.
These officials included Lt Gen (retd) Khalid Munir Khan, Lt Gen (retd) Mohammad Afzal Muzaffar and former Director General NLC Maj Gen (retd) Khalid Zaheer Akhtar besides the Director Finance and Accounts NLC Najibur Rehman and Chief Finance Officer Saeedur Rehman.
The NLC had invested over Rs4 billion in the stock exchange during 2004-2008, which caused a loss of Rs1.8 billion to the organisation. Besides, NLC's pays & pension funds money was also borrowed from commercial banks on heavy interest rates for investing in risky business of stock exchange.
The NLC also suffered huge losses on accounts of importing more than 80 vehicles free of customs duty as well as a net loss of Rs206 million on account of a loan it gave to Japan Power General Limited (JPGL).